7. Technological Risk Management Flashcards Preview

Enterprise Risk Management (RSK2601) > 7. Technological Risk Management > Flashcards

Flashcards in 7. Technological Risk Management Deck (15)
Loading flashcards...
1
Q

What does technology refer to in the context of a business?

A

A subset of production.

2
Q

(1)… may be defined as events that would lead to insufficient, inappropriate or mismanagement of investment in (2)…, in terms of manufacturing processes, product design and/or information management.

A

(1) Technology risk

(2) technology

3
Q

Name 3 scopes of technology risk?

A
  1. Lack of investment in technology and not remaining competitive.
  2. Inadequate technology governance.
  3. Inadequate protection against viruses & hacking.
4
Q

Name 3 benefits of technology risk management?

A
  1. Improves the quality of information.
  2. Identifies certain risks within technology.
  3. Forces continuous review of developments in technology.
5
Q

Name 3 technology types?

A
  1. Information technology
  2. Communication technology
  3. Control technology
6
Q

Name 3 information technology tools?

A
  1. Software applications
  2. Intranets
  3. Telematics
7
Q

Name 3 communication technology tools?

A
  1. Conference calls
  2. Broadband
  3. E-mail
8
Q

Name 3 control technology tools?

A
  1. Computer-aided design (CAD)
  2. Computer-aided manufacturer (CAM)
  3. Flexible manufacturing systems (FMSs)
9
Q

What are the risk for information technology tools?

A

The failure to collect, store, process and communicate information.

10
Q

What are the risk for communication technology?

A

The failure to work according to schedule as some might not know what to do due to lack of communication.

11
Q

What are the risk for control technology?

A

The incorrect functioning of these tools could lead to a decrease in design capabilities, speed & quality of manufacturing, productivity in general.

12
Q

Name 3 initiatives to mitigate technology risk?

A
  1. IT governance
  2. Investment
  3. Projects
13
Q

What is the initiative of IT governance all about?

A

IT governance is all about putting IT systems and processes in place to create order in potential chaos. This also helps to manage potential risk.

14
Q

What is the initiative of investment all about?

A

This initiative is about how IT systems and processes can be used to help direct the company to make better investment decisions.

15
Q

What is the initiative of projects all about?

A

This initiative is about making sure that projects deliver on desired goals and not just another task that is been completed.